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The company can identify separately the cost of the product and services and has determined that fair value of the products and services is the selling price (VSOE). Under both US GAAP and IFRS, whi
Aunt Ethel's Fancy Cookie Company manufactures and sells three flavors of cookies: Macaroon, Sugar, and Buttercream. The batch size for the cookies is limited to 1,000 cookies based on the size of t
A company has two inventory items of a similar nature and use. One item is held at the company's headquarters in Spain and one is held in France. Using IFRS:
Stevens Co. bought a machine on January 1, 2008 for $875,000. It had a $25,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Stevens uses straigh
Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2011, assuming that the bonds sold at 104.
Panner, Inc. owns 30 % of Watkins and applies the equity method. During the current year, Panner buys inventory costing $54,000 and then sells it to Watkins for $90,000. At the end of the year, Watk
Debbie has $368,882 accumulated in a 401K plan. The fund is earning a low, but safe, 3% per year. The withdrawals will take place annually starting today. How soon will the fund be exhausted if Debb
The Baldwin company will sell 100 units (x1000) of capacity from their Best product line. Each unit of capacity is worth $6 plus $4 per automation rating. The Baldwin company will sell the capacity
Kinder Company purchased a depreciable asset for $200,000. The estimated salvage value is $10,000, and the estimated useful life is 10,000 hours. Kinder used the asset for 1,100 hours in the c
Naser Corporation's total current assets are $390,000, its noncurrent assets are $500,000, its total current liabilities are $330,000, its long-term liabilities are $370,000, and its stockholders' e
The total amount of common fixed expenses not traceable to the individual divisions is $142,200. What is the company's net operating income?
Cash dividends of $20,000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account.
Mire Corporation staffs a helpline to answer questions from customers. The costs of operating the helpline are variable with respect to the number of calls in a month. At a volume of 29,000 calls in
Prepare separate entries for each transaction on the books of Meredith Company.
Buehler Company on June 14 sells merchandise on account to Chaz Co. for $1,000, terms 2/10/n, n/30. Chaz Co. returns merchandise or $300 to Buehler Company on June 17. On June 24, payment is receive
Younger Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2010, at a cost of $160,413. Over its 6-year useful life, the bus is expected to be
The current credit balance in allowance for uncollectible accounts is $200. Management estimates that 2.5% of net credit sales of $115,000 will be uncollectible. Based on the foregoing data, what is
Helmuth Inc's latest net income was $1,210,000, and it had 225,000 shares outstanding. The company wants to pay out 45% of its income. What dividend per share should it declare?
Arnold Corp has a selling price of $15, variable costs of $10 per unit, and fixed costs of $25,000. Contribution margin is $60,000. How many units did Arnold sell?
A corporation with a federal income tax rate of 34% bought a tract of land for $340,000, strictly as an investment. Three years later the land is sold for $485,000. What capital gains tax results fr
A state has a corporate tax rate of 8.75% of taxable income. If a corporation has a state taxable income of $525,000, what is the approximate federal income tax that it must pay?
Show him the maximum fee you could charge (as a percentage of the investment in your fund, deducted at the end of the year) that would leave him at least as well off investing in your fund as in the
A company s total effective income tax rate is 45% and its state income tax rate is 18%. What is the company s approximate federal income tax rate?
A construction company has $2 million in gross income and has operating expenses of $1,200,000 for 2007. Depreciation deductions are $400,000 for the year. What is the taxable income for this compan
A machine costing Rs. 10.0 million and having book value of Rs. 6.5 million was traded-in with another machine having a fair market value of Rs. 7.0 million with an additional cash payment of Rs. 1.